After spending the last four years at the corner of Yonge and Gerrard streets, a downtown Toronto diner has decide to move to avoid continual rent hikes.
Jackson’s Burger mainly caters to students from nearby Ryerson University and the bevy of tourists that flock to the city. While restaurant staff have managed to keep costs low, it has been a challenge.
“Our landlord wanted to raise our rent by 40 per cent,” said Sander Shalinsky, partner of Jackson’s Burger. “It would effectively force us to raise prices and make it a lot harder on our clientele.”
WATCH: Queen Street West rent tough on small businesses. (May 22)
When the business first opened its doors, rent was just under $9,000 a month. It has since risen to about $12,000.
Jackson’s Burger currently occupies a 900 square-foot commercial space. Its new location on Elm Street, just off of Yonge Street, will be roughly 1,400 square feet. Rent will also be more than $4,000 cheaper.
“We love the area. We’re moving just around the corner because we want to stay here. But it’s not a price – for this location – where we can stay.”
The Downtown Yonge BIA has been observing the increases closely.
“The new tax bills are out. The reassessment has been done. We looked at all our businesses along Yonge Street to understand the taxation increase based on redevelopment and we’re seeing significant increases, anywhere up to 400 per cent,” said Mark Garner, chief operating officer of the Downtown Yonge BIA.
Jackson’s will open its doors on Elm in just over a week.